All information is as of Dec. 31, 2022, unless stated otherwise.
New Issuance
No new issue transactions closed during the fourth quarter of 2022.
Surveillance
Data notes
The figure for the total number of loans in European CMBS transactions that we rate excludes the loans in small-loan transactions and nonperforming loan (NPL) transactions.
Loans that were originated from the year 2009 onward are classified as 2.0 loans. All other loans originated before this period are defined as 1.0 loans.
Table 1
List Of European CMBS Surveillance Ratings Actions | |
---|---|
Article | Publication date |
Salus (European Loan Conduit No. 33) DAC U.K. CMBS Class C And D Ratings Lowered; Class A And B Ratings Affirmed | Oct. 6, 2022 |
Broadgate Financing PLC U.K. CMBS Ratings Affirmed Following Review | Nov. 8, 2022 |
Oranje (European Loan Conduit No. 32) DAC Class B To D Dutch CMBS Ratings Raised; Class A And E Ratings Affirmed | Nov. 17, 2022 |
Berg Finance 2021 DAC Class B To D Pan-European CMBS Ratings Raised Following Review; Class A And E Ratings Affirmed | Nov. 18, 2022 |
Longstone Finance Class C U.K. CMBS Notes Rating Raised Following Review; Class A And B Ratings Affirmed | Dec. 5, 2022 |
UNITE (USAF) II PLC CMBS Ratings Raised Following Review And Error Correction | Dec. 20, 2022 |
The outstanding S&P Global Ratings-rated European CMBS balance slightly decreased to €28.2 billion from €29.1 billion over the last quarter. The decrease in the note balance is due to the repayment of a loan in this quarter and the change in the net effect of currency rate movements.
Table 2
European CMBS: Key Statistics | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | |||||||
1.0 loans | ||||||||||
Collateral balance (Bil. €) | 15.9 | 16.5 | 16.8* | 16.2 | ||||||
Number of loans outstanding | 14 | 14 | 14 | 14 | ||||||
Number of transactions outstanding | 13 | 13 | 13 | 13 | ||||||
Number of loans in special servicing | 0 | 0 | 0 | 0 | ||||||
Proportion of loans in special servicing (%) | 0.0 | 0.0 | 0.0 | 0.0 | ||||||
2.0 loans | ||||||||||
Collateral balance (Bil. €) | 12.3 | 12.6 | 13.8 | 14.2 | ||||||
Number of loans outstanding | 40 | 41 | 43 | 46 | ||||||
Number of transactions outstanding | 34 | 34 | 35 | 35 | ||||||
Number of loans in special servicing | 1 | 1 | 1 | 2 | ||||||
Proportion of loans in special servicing (%) | 2.5 | 2.4 | 2.3 | 4.3 | ||||||
Total | ||||||||||
Collateral balance (Bil. €) | 28.2 | 29.1 | 30.6 | 30.5 | ||||||
Number of loans outstanding | 54 | 55 | 57 | 60 | ||||||
Number of transactions outstanding | 47 | 47 | 48 | 48 | ||||||
Number of loans in special servicing | 1 | 1 | 1 | 2 | ||||||
Proportion of loans in special servicing (%) | 1.9 | 1.8 | 1.8 | 3.3 | ||||||
*The A3 and A4 loan tranches for Telereal Securitisation PLC were increased to €378.7 million. |
Chart 1
Chart 2
Table 3
Loans Repaid | ||||||
---|---|---|---|---|---|---|
Transaction | Loan | Jurisdiction(s) | Asset type | Loan maturity date | Note final maturity date | Comment |
Starz Mortgage Securities 2021-1 DAC | Brixton | U.K. | Retail | Jan. 20, 2024 | Nov. 28, 2038 | The Brixton loan repaid in full on Dec. 14, 2022 |
Table 4
List Of Next 12 Months' Maturing Loans | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Deal name | Loan name | Loan balance (€)* | % of portfolio | Loan maturity | Loan maturity extended | LTV (%) | Servicer name | Specially serviced? | No. of properties | Asset type | Jurisdiction(s) | |||||||||||||
Kanaal CMBS Finance 2019 DAC | Maxima | 23,177,792 | 17.00 | Feb. 15, 2023 | N | 22.36 | CBRE Loan Services Ltd. | N | 6 | Mixed use | Netherlands | |||||||||||||
Ribbon Finance 2018 PLC | Senior Loan | 306,074,331 | 100.00 | April 13, 2023 | N | 51.45 | CBRE Loan Services Ltd. | N | 18 | Hotel | U.K. | |||||||||||||
EOS (European Loan Conduit No. 35) DAC | Senior Loan | 54,245,481 | 100.00 | April 20, 2023 | Y | 29.57 | Mount Street Mortgage Servicing Ltd. | N | 74 | Mixed use | Netherlands | |||||||||||||
Taurus 2021-5 UK DAC | Senior Loan | 297,973,685 | 100.00 | May 15, 2023 | Y | 59.40 | CBRE Loan Services Ltd. | N | 43 | Student accommodation | U.K. | |||||||||||||
Taurus 2018-2 UK DAC | Project Campus | 141,940,966 | 100.00 | May 20, 2023 | Y | 21.59 | Mount Street Mortgage Servicing Ltd. | N | 1 | Office | U.K. | |||||||||||||
Taurus 2019-3 UK DAC | Project Roost | 468,050,988 | 100.00 | June 20, 2023 | Y | 55.27 | Mount Street Mortgage Servicing Ltd. | N | 21 | Student accommodation | U.K. | |||||||||||||
Agora Securities UK 2021 DAC | Vulcan | 239,481,450 | 100.00 | July 20, 2023 | Y | 50.54 | Mount Street Mortgage Servicing Ltd. | N | 9 | Retail | U.K. | |||||||||||||
Kanaal CMBS Finance 2019 DAC | Big 6 (Tranche A, Tranche B) | 116,978,456 | 83.00 | Aug. 15, 2023 | Y | 60.72 | CBRE Loan Services Ltd. | N | 6 | Retail | Netherlands | |||||||||||||
Oranje (European Loan Conduit No. 32) DAC | Phoenix Loan | 75,399,389 | 100.00 | Aug. 15, 2023 | Y | 44.54 | Mount Street Mortgage Servicing Ltd. | N | 12 | Office | Netherlands | |||||||||||||
Taurus 2019-4 FIN DAC | Senior Loan | 178,734,935 | 100.00 | Aug. 16, 2023 | Y | 68.88 | CBRE Loan Services Ltd. | N | 2 | Mixed use | Finland | |||||||||||||
Starz Mortgage Securities 2021-1 DAC | Node | 12,206,977 | 6.00 | Oct. 15, 2023 | N | 68.13 | Situs Asset Management Limited | N | 1 | Residential | Ireland | |||||||||||||
Pearl Finance 2020 DAC | Senior Loan | 316,607,342 | 100.00 | Nov. 15, 2023 | Y | 45.82 | CBRE Loan Services Ltd. | N | 60 | Logistics | Various | |||||||||||||
Highways 2021 PLC | Secured Loan | 299,493,350 | 100.00 | Dec. 31, 2023 | Y | 56.70 | CBRE Loan Services Ltd. | N | 8 | Car service workshops | U.K. | |||||||||||||
*For the U.K. loans, the loan balance may differ from the previous quarter(s) due to the change in the net effect of currency rate movements. |
Specially Serviced Loans
There is one loan in special servicing, the same as in Q3 2022. The loan is 100% secured by U.K. retail assets (see table 8).
Table 5
Special Servicing Index | ||||||
---|---|---|---|---|---|---|
Transaction | Loan | Loan origination date | Date added | Jurisdiction(s) | Asset type | Special servicer |
Elizabeth Finance 2018 DAC | Maroon | Nov. 29, 2017 | April 15, 2020 | U.K. | Retail | Mount Street Mortgage Servicing Ltd. |
Table 6
Changes To Specially Serviced Index | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
Transaction | Loan | Jurisdiction(s) | Asset type | Comment | ||||||
Additions | ||||||||||
N/A | N/A | N/A | N/A | N/A | ||||||
Cures/resolved | ||||||||||
N/A | N/A | N/A | N/A | N/A | ||||||
Unresolved | ||||||||||
N/A | N/A | N/A | N/A | N/A | ||||||
N/A--Not applicable. |
Chart 3
Chart 4
Appendix
Table 7
List Of European CMBS Publications | ||
---|---|---|
Article | Publication date | Type |
S&P Global Ratings Publishes October 2022 Chart Book For EMEA Structured Finance | Oct. 12, 2022 | News |
S&P Global Ratings Publishes November 2022 Chart Book For EMEA Structured Finance | Nov. 16, 2022 | News |
S&P Global Ratings Publishes December 2022 Chart Book For EMEA Structured Finance | Dec. 08, 2022 | News |
This report does not constitute a rating action.
Primary Credit Analyst: | Carla N Powell, London + 44 20 7176 3982; carla.powell@spglobal.com |
Secondary Contact: | Mathias Herzog, Frankfurt + 49 693 399 9112; mathias.herzog@spglobal.com |
Research Contributor: | Sneha Santwani, CRISIL Global Analytical Center, an S&P affiliate, Mumbai |
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